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The euro marks its 26th year amid economic challenges, with fluctuating value and new digital currency developments shaping its future across Europe and the global market.
The euro, now in its 26th year, faces challenging economic conditions in the eurozone.
Introduced in 1999 as a dematerialized currency for accounting and electronic payments, it became physical currency in 2002, used daily by 350 million people in 20 EU member states. The European Central Bank (ECB) oversees the monetary policy, aiming to control inflation below 2% by adjusting interest rates.
The euro, the world's second most significant currency after the US dollar, circulates in seven banknote denominations and various coins. The €500 note was discontinued in 2019 due to concerns over money laundering and terrorism.
While all EU countries, except Denmark, are required to adopt the euro if eligible, Croatia joined the eurozone in 2023, and Bulgaria is expected to follow.
The euro's value has fluctuated since its launch. After a drop to $0.83 in 2000, it reached $1.60 in 2008, but geopolitical tensions and global crises led to a 16% depreciation against the dollar in 2022.
Despite recovery in 2023, the euro faced pressure from various factors, including Donald Trump’s election win, and ended 2024 at $1.04, near the $1 parity last seen in the early 2000s.
Globally, the euro’s role has diminished, accounting for 19.76% of global reserves in 2024, down from 25% in 2003. Its share in global payments also declined to 22.9% by October 2024.
In response to changing financial landscapes, the ECB is developing a digital euro, expected to complement traditional currency and be available for public use. With a regulatory framework being established, a draft rulebook is anticipated in early 2025, offering a reliable and stable digital payment option across Europe.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
A recent Federal Reserve Bank of New York (New York Fed) study reveals that while the use of artificial intelligence (AI) among businesses has grown significantly over the past year, very few companies have carried out AI-related layoffs.
Rising concerns over the U.S. economy and ongoing tariff disputes have put global government bonds under selling pressure, experts say. Donald Trump’s push for interest-rate cuts, combined with a major spending bill, has shaken investor confidence, sending bond prices down while yields rise.
Access to Google services was restored Thursday after a region-wide outage cut off millions of users across dozens of countries, with disruptions reported in platforms including YouTube, Gmail and Maps.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
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